Amgen to buy Horizon Therapeutics for US$26.4b

Published Mon, Dec 12, 2022 · 03:08 PM

Amgen will pay US$116.50 in cash for each Horizon share held, a premium of nearly 20 per cent to the stock’s last close. PHOTO: REUTERS

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AMGEN will buy rare disease drugmaker Horizon Therapeutics for US$26.40 billion, it said on Monday (Dec 12), in its biggest deal ever that gives the biotech company access to blockbuster thyroid eye disease treatment Tepezza.

The company will pay US$116.50 in cash for each Horizon share held, a premium of nearly 20 per cent to the stock’s last close.

A deal will add several approved drugs to Amgen’s portfolio and could help counter the impact from rising competition for its top-selling arthritis drug, Enbrel, from newer treatments and expected expiry of patents for the therapy in 2029.

Sales of Enbrel have declined over the last four quarters, tumbling 14 per cent in the latest reported quarter to US$1.1 billion.

The offer values Horizon at US$27.8 billion on a fully diluted basis, according to the company, which includes ordinary shares to be vested. Based on Reuters calculations, it values Horizon at US$26.40 billion.

They have gained 23.5 per cent through Friday’s close since Horizon said in late November it was in preliminary talks with Amgen, Sanofi and Johnson & Johnson for potential takeover offers.

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The offer values Horizon at US$28.3 billion, including debt.

The Wall Street Journal on Sunday reported that Amgen was close to acquiring Horizon after the other bidders pulled out of the race. REUTERS

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